** Shares of Champion Iron CIA.AX rise as much as 5.9% to A$4.5, marking their biggest intraday pct gain since May 13

** Stock hits highest level since May 22

** Explorer and developer co posts 52% rise in Q4 net income to C$39.1 mln ($28.24 mln)

** Says gross average realised selling price was C$160.4 per dry metric ton (dmt), down from C$166.3/dmt

** Citi says realised pricing continues to disappoint and that there will be lag during the direct reduction pellet feed (DRPF) ramp-up period until DRPF premiums are realised

** Stock down 24% YTD

($1 = 1.3848 Canadian dollars)

(Reporting by Sneha Kumar in Bengaluru)

((Sneha.kumar@thomsonreuters.com))